Central Bank of Nigeria

CBN Debunks Claims Of Crashing Exchange Rate To N1.25/$1
14 Sep

CBN Debunks Claims Of Crashing Exchange Rate To N1.25/$1

wontumionlineBusiness
The Central Bank of Nigeria (CBN) has debunked claims that it would crash the exchange rate to N1.25/$1. Reports had circulated online claiming that the apex bank would “introduce a new naira policy by November 2023” which would see the foreign exchange rate to be $1=N1.25. Debunking the news via a tweet on X-app, the apex bank attached screenshots of the report tagged “fake news” and noted that “the attached message currently circulating on social media is false and should be disregarded.” Foreign Exchange Rate Reforms The Central Bank of Nigeria had implemented various policies since President Bola Tinubu was…
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CBN Directs Nigerians To Start Spending Old Naira Notes
14 Mar

CBN Directs Nigerians To Start Spending Old Naira Notes

wontumionlineBusiness,
In compliance with the Supreme Court order, the Central Bank of Nigeria (CBN) has announced a decision to extend the implementation of the naira redesign policy to December 31, 2023. The apex said old banknotes remain legal tender in Africa’s largest economy following pressures that greeted the implementation of its naira redesign policy. In contrast to its earlier position, the CBN said in a statement issued by its Acting Director, Corporate Communications, lsa AbdulMumin that the decision was reached at the Bankers Committee meeting. By this, Nigerians can begin to execute transactions with old N200, N500, and N1,000 banknotes, the…
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